LIC Fortune Plus Plan

Thinking about the future of your child is a great way to plan your investment decisions. Although LIC has withdrawn a few plans, some like LIC Fortune Plus were great harbingers of security for the child. Owing to newer plans being introduced into the market, LIC of India decided to discontinue this plan in 2010. This unit term plan gave definite returns at the end of the policy term to the policyholder or his child.

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The best part of subscribing to this plan was that the policy fund attains surrender value in the first two years. Here is a quick look at the details under this plan:

Eligibility for LIC Fortune Plus Plan



Policy Tenure

Until 25 years of a child (nearest birthday) or 75 years of the life assured (nearest birthday)

Premium Paying Term

Regular Payment- Same as policy tenure

Single-Premium - Nil

Premium Paying Mode

Quarterly, Monthly, Half Yearly and Yearly

Entry Age

Life Assured –

Min - 18 years

Max - 55 years

Child –

Min – 10 years

Max - 17 years

Maturity Age

25 years of the child

75 years of life assured

Grace Period

30 Days

Sum Assured

Single Pay - Minimum- 1.25 times Premium

Regular Pay – Minimum – 5 times the annualized premium


No loan available

Benefits of LIC Fortune Plus Plan

There are different benefits offered by the LIC Fortune Plus Plan by the Life Insurance Corporation of India. The core benefits offered under this plan are as follows:

  • Maturity Benefit: If the policyholder of LIC Fortune Plus survives the policy tenure, he receives a lump-sum amount of money that equals the basic sum assured. The maximum sum assured under this plan is 5 times the single premium if the age at entry is 35 years, 2.5 times the Single premium if the age at entry is between 36 – 45 years, and 1.25 times the premium if the age at entry is above 46 years. For a regular payment plan, the maximum sum assured is 25 times the annualized premium if the age at entry is up to 45 years and 15 times the annualized entry if the age at entry is 46 years and above. 
  • Surrender Benefit: The LIC Fortune Plus Plan refunds the surrender value. However, the payment is not made before 3 years of the policy tenure. The policy fund attains surrender value upon completing two years of premium payment under the regular payment plan. The corporation will not entertain any other claim towards surrender of a policy.   
  • Death Benefit: Upon the policyholder's death, the nominee who is the child of the life assured is exempted from payment of further premiums or instalments. The LIC Fortune Plus policy is valid. Upon maturity, the lump-sum amount is equal to the sum assured amount. This life cover is beneficial to the policyholder's family and comes as a savior in times of distress as hard as losing a loved one.   
  • Partial Withdrawals: The policyholder can make partial withdrawals if the policy fund has a minimum balance of two annualized premiums in it. Partial withdrawals can be made after the first two years of premium payment have been completed on time.   
  • Tax Benefits: Standard income tax benefits* can be availed of the benefits received from this plan.

* Tax benefit will correspond to changes in tax laws

Premiums for LIC Fortune Plus Plan

LIC Fortune Plus Plan can be activated via a single premium payment or regular payment plan. The minimum payment amount for a Single Premium payment is *Rs. 40,000/-. The minimum premium amount for Regular pay is *Rs. 1,000/- per month. The regular payment option can be availed through the full policy tenure.

*Standard T&C Apply

LIC allows the insurer to decide and swap funds for risk in between the policy tenure. This helps the policyholder optimize his returns and make the most by investing in better-performing fund options. The swap can be done after three years of the policy tenure are completed.

Additional Riders for LIC Fortune Plus Plan

There are no additional riders in this plan.     

What are the documents required to buy this policy?

To buy LIC Fortune Plus Plan policy, one has to provide:

  • Identity proof - Aadhar card, voter's card, and passport
  • Address proof- Aadhar card, driving license, electricity bill, ration card, voter's card, and/or passport
  • Income proof - such as Income tax returns or salary slips
  • Health records of the life assured
  • Child’s birth certificate and proof of address

How can one buy this plan online?

The LIC Fortune Plus Plan has been withdrawn by LIC and is not available online.   

Exclusions of LIC Fortune Plus Plan

LIC Fortune Plus Plan reviews show that many policyholders had opted for this plan and have benefitted from the Corporation under the terms and conditions. He can ensure financial protection for his child and family in the case of a sad incident of his death.   

The suicide clause under this plan will allow the return of the policy fund if the suicide occurs of the policyholder within the first year of the inception or revival of the policy. Since the child is the nominee and will receive the death benefit proceeds, the policy tenure of a minimum of three years has to be completed under the life cover, and only then can the claim be settled.

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